May 1, 2014 / 11:28 AM / 3 years ago

OFFICIAL CORRECTION-Dubai Islamic Bank in talks for 40 pct stake in Indonesian lender -CEO

1 Min Read

(Amends to clarify CEO meant target company not listed but its parent is)

DUBAI, May 1 (Reuters) - Dubai Islamic Bank (DIB) is in talks with an Islamic bank in Indonesia to take a 40 percent stake, DIB's chief executive said on Thursday.

Adnan Chilwan told reporters that DIB hoped to conclude a deal before the end of the year and that it would pay for the purchase using its own cash reserves.

He declined to name the acquisition target but said its parent was a listed company.

Reporting by Mirna Sleiman; Writing by David French; Editing by Matt Smith and David Goodman

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